Honorable Daniel F. Caruso, Judge

Interest charges will apply to late payment of certain Probate fees beginning in 2011.

Public Act 10-184 Section 1 requires probate courts to charge interest on the late payment of certain probate fees beginning in 2011. The following is a summary of the interest rules contained in the act:

Interest accrues at the rate of 0.5% per month for late payment of probate fees

Interest applied only for fees on decedents’ estates

Accrual of interest begins:

30 days after the date of a court’s invoice, or

If an estate tax return is not filed by the due date, 30 days after the date it was due (including any extension)

An estate is exempt from interest if:

The basis for costs does not exceed $40,000

Any portion of the estate passes to a surviving spouse and the basis for costs does not exceed $500,000

A court may extend the time for payment of the probate fee and interest will not accrue during the extension period

A court cannot waive previously accrued interest

The interest rules apply to the estates of individuals who die on or after January 1, 2011.